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Whistleblower accuses General Electric of accounting fraud

August 15, 2019 05:30 PM

General Electric's stock tanked on Thursday, after the release of a report claiming the company is misleading investors.

Investigator Harry Markopolos accused GE of engaging in accounting fraud worth $38 million.

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He claims General Electric is heading for bankruptcy and is hiding $29 billion in long-term care losses.

GE says the claims are unsubstantiated and meritless.

Markopolos is known for his role as the whistleblower who warned the Securities and Exchange Commission about Bernie Madoff's Ponzi scheme.

Credits

WNYT Staff

Copyright 2019 WNYT-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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